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An Introduction to Project, Program, and Portfolio Management

Successful teams strike a balance between two conflicting attributes: individual initiative and group needs. On the one hand, each individual wants to believe that he or she has an opportunity to make decisions—the authority to apply his or her talents in coming up with solutions. On the other hand, the larger goal of the project rules, and each individual must work with the others as a single team. How can you achieve a compromise between the desire to satisfy an individual ego and the less personal team priority? The answer is to identify areas of responsibility rather than merely pass out tasks. Building a team is. | Chapter 1 An Introduction to Project Program and Portfolio Management LEARNING OBJECTIVES After reading this chapter you will be able to Understand the growing need for better project program and portfolio management Explain what a project is provide examples of projects list various attributes of projects and describe project constraints Describe project management and discuss key elements of the project management framework including project stakeholders the project management knowledge areas common tools and techniques and project success factors Discuss the relationship between project program and portfolio management and their contribution to enterprise success Describe the project management profession including suggested skills for project program and portfolio managers the role of professional organizations like the Project Management Institute the importance of certification and ethics and the growth of project and portfolio management software 2 OPENING CASE_ Doug Milis the Chief Executive Officer CEO of Global Construction Inc. was summarizing annual corporate highlights to the board of directors. Like many other large construction companies they had a very difficult year. They had to scale down operations and let some employees go. When one of the board members asked what he was most proud of that year Doug thought for a few seconds and then replied Excellent question Gabe. Honestly I think the main reason we survived this year was because we are truly a project-based organization. We have dramatically improved our ability to quickly select and implement projects that help our company succeed and cancel or redirect other projects. All of our projects align with our business strategies and we have consistent processes in place for getting things done. We can also respond quickly to market changes unlike many of our competitors. Marie Scott our Director of the Project Management Office PMO has done